Wolfspeed (NYSE:WOLF) Hits New 1-Year High – Here’s Why

Wolfspeed, Inc. (NYSE:WOLF)’s share price hit a new 52-week high on Wednesday . The company traded as high as $53.98 and last traded at $53.8170, with a volume of 12104304 shares changing hands. The stock had previously closed at $50.31.

Analyst Ratings Changes

WOLF has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. Zacks Research raised Wolfspeed to a “hold” rating in a research report on Monday, February 9th. Piper Sandler reissued an “overweight” rating and issued a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research report on Thursday, February 5th. Wall Street Zen upgraded Wolfspeed from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Susquehanna cut their price target on Wolfspeed from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wolfspeed presently has a consensus rating of “Hold” and an average price target of $20.00.

Wolfspeed Trading Up 7.0%

The business has a 50-day moving average price of $23.77 and a two-hundred day moving average price of $21.06. The firm has a market capitalization of $2.60 billion and a price-to-earnings ratio of -7.64.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($3.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.78) by $0.52. The business had revenue of $150.20 million during the quarter, compared to the consensus estimate of $150.00 million. During the same period last year, the company earned ($0.72) earnings per share. The business’s quarterly revenue was down 19.0% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Shah Capital Management grew its holdings in Wolfspeed by 1,419.5% in the 1st quarter. Shah Capital Management now owns 508,948 shares of the company’s stock worth $8,306,000 after buying an additional 475,454 shares in the last quarter. Atlas Brown Inc. bought a new position in Wolfspeed in the 1st quarter worth approximately $408,000. SG Americas Securities LLC bought a new position in Wolfspeed in the 1st quarter worth approximately $6,671,000. Yaupon Capital Management LP bought a new position in Wolfspeed in the 4th quarter worth approximately $7,834,000. Finally, Summit Securities Group LLC grew its holdings in Wolfspeed by 71.0% in the 4th quarter. Summit Securities Group LLC now owns 2,204 shares of the company’s stock worth $38,000 after buying an additional 915 shares in the last quarter.

Wolfspeed Company Profile

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.